However, the gains were capped and prices quickly gave up those gains and gold dropped $16.00 or 0.99% and was last quoted in New York at $1,571.50/oz. Gold rose slightly in Asia but then fell soon after the European opening.

There was also chatter that the spike in gold may have been a reaction to a statement from the World Gold Council which said demand for gold in Asia is stronger than what the market is pricing in.

The market has been long under appreciating Asian demand.

Indian demand may be set to pick up again. Prithviraj Kothari, president of the Bombay Bullion Association, told Reuters in an interview this morning that gold imports could pick up in the second half of 2012.

Japan's exports of gold plunged to a 15-month low in May to 2.79 tonnes, down 67 percent from a year ago, as sales of gold bars and jewellery fell sharply and there was a steep fall in gold scrap sales by the public.

EU leaders remain divided as the meetings begin today in Brussels. The debt crisis is now in its third year since it began in Greece. The European Union summit will not produce a magic solution to the Eurozone's deepening debt crisis. Indeed, there is the potential for serious disappointment which could lead to market volatility and increased safe haven demand for gold.

Gold coins sales at The Perth Mint have fallen in the past three months after the record breaking sales of recent months and as buyers await more clarity regarding the near term outlook for gold prices but staff at Australia's oldest producer of precious metal coins have reason to be happy.

The 2012 Australian Kangaroo One Tonne Gold Coin issued by The Perth Mint has been confirmed as the largest coin in the world by Guinness World Records and will be featured in the 2013 Guinness Book of World Records available in October.

It is also the world's largest and heaviest gold bullion coin -made from 1 tonne of 99.99% pure gold.

We faced an incredible challenge to produce a coin of this scale, so this is a wonderful endorsement of the talent and expertise of those involved, said Ed Harbuz, Perth Mint Chief Executive Officer.

Cast from 99.99 percent pure gold extracted from Australian mines, the coin weighs a total of 1,012 kilograms and measures 80 centimeters wide and 13 centimeters deep. The coin was made earlier this year in the presence of experts from the fields of metal assaying, numismatics - or coin collecting - quality assurance, and scale calibration and weighing, who verified the specifications of the coin.

Key facts about Australia's world beating gold coin:

The coin is cast from 99.99% pure gold

It weighs a whopping 1,012 kilograms

It measures 80cm wide by 13cm deep

And it's official Australian legal tender!

Staff involved in the mammoth project, whose skills include designing, refining, assaying, casting, finishing and more, gathered together for this celebratory photo call on receipt of their official record certificate.Perth Mint Staff and the 1 Tonne Australian Kangaroo Gold Bullion Coin

Australia's iconic national animal, was a natural choice for the giant coin as the marsupial has been a consistent feature of the Australian Kangaroo Gold Bullion Coin Series 1 kilo release for 25 years, Harbuz said.

The record-breaking coin's smaller and more affordable brethren have seen record sales in recent months as investors and savers internationally have bought the gold coin as a store of value.

While there has been a slight dip in sales recently, sales are expected to remain robust and even increase given the scale of the Eurozone debt crisis and risk of the debt crisis spreading to Japan, the UK and indeed the U.S.

Gold coin sales (bullion and collectible) from The Perth Mint totaled 32,094 ounces in May, down from 35,900 during the same month last year. April's sales fell to 18,915 ounces, their lowest since the 10,645 ounces recorded in August 2010. March sales hit 38,109 ounces, down 9.6 percent from the comparable month last year.

The record-breaking golden kangaroo coin is currently on display at The Perth Mint's Gold Exhibition but that doesn't necessarily mean it will remain a museum piece.

The Perth Mint would consider selling it to an interested party at the right price, Ellis told CNBC. This would include the spot price of the metal value, plus a significant premium for production. Terms would obviously need to be negotiated.